For decades, EFTPOS machines have made payment transactions faster, simpler and more secure. And we love them for it. As a must-have for today’s Australian businesses, EFTPOS offers quick and reliable cashless payments that make the shopping experience that much better. But for all the help they give us, there are a few EFTPOS machine costs and fees that you might not be aware of. To help you savvy up, we’ve summarised them below. Plus, we’ve snuck in some cheeky ways you can save money for your business and toss EFTPOS fees in the bin.
How much is an EFTPOS machine, we hear you ask. The answer isn’t always so simple. The cost of EFTPOS machines varies depending on the size of your business, transactions, sales volumes, and the number of terminals you need. It can also depend on if you are buying the machine outright or leasing it. Phew.
At Smartpay, we simplify costs. We don’t think the onus should be on you to buy an EFTPOS machine outright, as technology changes. We lease terminals instead, and with Smartpay Zero Cost™ EFTPOS, you don’t even need to pay for that.* We reduce your EFTPOS bill to zero, meaning no hidden fees, and no charge for terminal rental.
We know the exact costs of setting up and using your EFTPOS machine the old-fashioned way can be a lot. But just how much are we talking? Here, we look at how the big banks handle fees and what Smartpay does differently.
A merchant service fee (MSF) is the amount you pay to your bank or provider to process your transaction payments. It’s calculated as a percentage (or fixed fee) of every transaction your customers make, whether they swipe, tap, insert or otherwise. Find out more about merchant service fees. What this also means is that when business is booming, you could be left paying a higher EFTPOS bill the following month to cover that percentage. Ugh.
We get it. You want to keep operating expenses low for your business. As a business owner, maintaining low operating expenses is money in the bank. With Smartpay Zero Cost™ EFTPOS, the hint is in the name. We help businesses like yours pass on transaction fees to your customers through a surcharge, meaning you enjoy loads of savings.
Still not sold? Here’s a rundown of how we battle the banks in EFTPOS machine prices:
Your business might be subject to fees and charges depending on your EFTPOS provider and the way they process payments. It pays to do your homework here and understand the costs so you can negotiate yourself a better deal.
Businesses are encouraged to go through the Reserve Bank of Australia (RBA) Card Payments Regulation Guide.
Special payment types like phone payments or AMEX cards can rack up extra fees. Although they’re convenient for customers, the added processing fees that come with them could come as a surprise to you. It might still be worth it to your business to accept these types of payments and give your customers flexibility of choice, but it can be helpful to understand what these fees look like to know how they will impact your overall costs.
Staying connected also costs money. And if you don’t have an existing internet plan, you’ll need one that caters to your EFTPOS usage. Or, you can make life a whole lot easier and choose an EFTPOS provider with a built-in 4G SIM card so you never go offline. Hello, is it Smartpay you’re looking for?
Sure, a POS system is an essential tool for lots of businesses and can help accept payments and keep track of sales. They come with all kinds of features like barcode scanners, receipt printers and touchscreen displays. But you also usually pay a monthly subscription fee to use them. You can have the option of ditching your POS and running with your EFTPOS terminal as a standalone solution, it just depends on what’s right for your business.
Your business needs a bank account to operate, sure, but you need to make sure it’s a good fit. Banks have offers such as no-fee, low-fee or premium-fee accounts, so take time to investigate how these fit with your business needs. If the business is new, use this as a bargaining tool to negotiate. And always choose the no- or low-fee option at first. You can easily upgrade later.
The ultimate in scalable payment solutions, surcharging saves your business from paying merchant fees. You won’t incur additional costs as customer card payments rise, and you’ll love the unlimited fee-free transactions.
Larger businesses could have the opportunity to pay a lower processing fee because of their higher transactional volumes, negotiating with their providers. This fee can be calculated at a lower percentage or a fixed monthly rate, as long as your transaction volume doesn’t fluctuate too much.
The golden days of Blockbuster might be behind us, but renting is still a smart option when it comes to EFTPOS. But before you decide on purchasing outright or renting a terminal, here are a few things to think about.
Beyond that, renting an EFTPOS machine is perfect if you take card and contactless payments. You avoid paying upfront terminal costs, get flexibility in providers and are covered for any issues with the machine.
Even with some providers offering ‘no lock-in contracts’, you might hesitate to shop around after you’ve spent big on new EFTPOS hardware. But at Smartpay, we believe in no lock-in contracts or upfront fees.
When you partner with us, you’ll never pay rental costs if your card transactions are more than $10,000 per month. And it’s just one of many things our thousands of customers love about Smartpay Zero Cost™ EFTPOS.
Smartpay’s EFTPOS solutions are a game-changer for business owners. Reduce overheads, take the guesswork out of EFTPOS fees, and give yourself more time (and money) to get stuff done.
Learn more about Smartpay’s EFTPOS for small businesses here.
Learn more about how surcharging on EFTPOS works and what you could save when you speak to our Payment Specialists. Smartpay is here to help you kiss the EFTPOS fees goodbye.
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